Republican

2024

United

Bitcoin

The Digital Chamber, a prominent digital asset advocate in the United States, is calling on US lawmakers to vote in favor of the Bitcoin reserve bill recently introduced by Wyoming Senator Cynthia Lummis.
In an Aug. 1 post on X, the lobby group said it is hand-delivering a letter to “every US Senator,” which will explain that adding Bitcoin (<a href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow">BTC</a>) to America’s balance sheet can secure its position as a “global leader” and provide more stability in the face of “global economic uncertainties.”
Lummis introduced the Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide Act of 2024 (or Bitcoin Act of 2024) on July 31. This bill would see the US Treasury set up Bitcoin vaults and buy 1 million Bitcoin over five years.
Notably, the <a href="https://cointelegraph.com/news/sen-lummis-introduces-bitcoin-strategic-reserve-bill-senate?utm_source=rss_feed&amp;utm_medium=rss&amp;utm_campaign=rss_partner_inbound" rel="noopener noreferrer nofollow">bill would help</a> the US hedge against inflation and economic volatility, The Digital Chamber’s Chief Policy Officer Cody Carbone <a href="https://x.com/DigitalChamber/status/1819005129548247406" target="_blank" rel="noopener noreferrer nofollow">told</a> Senators in the letter.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-08/7e60a5cd-225e-4b55-9984-38c64200eeff.jpg" alt="Digital Chamber urges US senators to support Lummis’ Bitcoin reserve bill">
 <figcaption style="text-align: center;">The Digital Chamber’s letter to US Senators. Source: The Digital Chamber
 </figcaption>
</figure>
Carbone backed this claim up by highlighting Bitcoin’s hard-cap supply of roughly 21 million units, making it scarce and resistant to inflationary pressures:
<blockquote>
 “By reducing our reliance on traditional fiat currencies and diversifying our reserves, we can create a more robust and adaptable financial system that is better equipped to navigate future economic challenges.”
</blockquote>
The letter comes four days after the US national debt <a href="https://cointelegraph.com/news/us-national-debt-passes-35t-5-things-bitcoin-this-week" rel="noopener noreferrer nofollow">surpassed the $35 trillion mark.</a>
Lummis isn’t the only US politician pushing for the country to put Bitcoin on the country’s balance sheet.
At the recent Bitcoin 2024 conference in Nashville, independent candidate Robert F. Kennedy Jr. promised he would make the US Treasury <a href="https://cointelegraph.com/news/robert-kennedy-jr-bitcoin-united-states-economy-strategy" rel="noopener noreferrer nofollow">buy 500 Bitcoin every day</a> until it reached at least 4 million Bitcoin.
At the same event, Republican candidate Donald Trump announced plans to build a strategic<a href="https://cointelegraph.com/news/silk-road-bitcoin-moves-two-days-trump-bitcoin-promise" rel="noopener noreferrer nofollow"> national Bitcoin stockpile.</a>
Related: <a href="https://cointelegraph.com/news/bitcoin-bollinger-bands-critical-price-prediction-cryptocurrency-trader" rel="noopener noreferrer nofollow">Bitcoin ‘explosive move’ looms as Bollinger Bands reach tightest points</a>
The US has seen more bipartisan support on cryptocurrency-related matters in recent months.
The Financial Innovation and Technology for the 21st Century Act <a href="https://cointelegraph.com/news/fit21-crypto-bill-house-vote-bipartisan" rel="noopener noreferrer nofollow">passed the House</a> on May 22 with 71 Democrats and 208 Republicans in favor and is now awaiting a vote in the Senate.
Both chambers voted to overturn the US securities regulator’s Staff Accounting Bulletin 121 rule too. However, it was later <a href="https://cointelegraph.com/news/united-states-president-joe-biden-veto-sab-121-crypto-accounting-rule" rel="noopener noreferrer nofollow">vetoed by President Joe Biden</a>&nbsp;and an attempt to override Biden’s veto also failed, which didn’t garner two-thirds majority support in the House during a&nbsp;<a href="https://cointelegraph.com/news/house-representatives-vote-biden-veto-overturn-sec-rule" rel="noopener noreferrer nofollow">second vote</a>.
Industry pundits claim that if SAB 121 had been passed, it <a href="https://cointelegraph.com/news/sec-custody-rule-made-crypto-regulation-political-wiley-nickel" rel="noopener noreferrer nofollow">would have made it easier for</a> US banks to custody cryptocurrency exchange-traded products.
Magazine: <a href="https://cointelegraph.com/magazine/el-salvador-bitcoin-chief-argentina/" rel="noopener noreferrer nofollow">El Salvador’s national Bitcoin chief has been orange-pilling Argentina</a>

Digital Chamber urges US senators to support Lummis’ Bitcoin reserve bill

Cointelegraph

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